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Tuesday, May 31, 2011

Goldman loses $1.3 billion of Gadhafi's money

WSJ
In early 2008, Libya's sovereign-wealth fund controlled by Col. Moammar Gadhafi gave $1.3 billion to Goldman Sachs Group to sink into a currency bet and other complicated trades. The investments lost 98% of their value, internal Goldman documents show.

Libya was furious at Goldman over the nearly total loss of the $1.3 billion it invested in nine equity trades and one currency transaction, people involved in the matter say. A confrontation in Tripoli between a top fund executive and two Goldman officials left the bankers so rattled that they made a panicked phone call to their bosses, these people say. Goldman arranged for a security guard to protect them before they left Libya the next day, they say.

Discussions inside Goldman about how to salvage the fractured relationship included Lloyd C. Blankfein, the company's chairman and chief executive, David A. Viniar, its finance chief, and Michael Sherwood, Goldman's top executive in Europe, according to documents reviewed by The Wall Street Journal and people involved in the negotiations. All three executives declined to comment.

Goldman offered the fund an opportunity to invest $3.7 billion in the securities firm. Between May and July of 2009, Goldman executives made three proposals that would have given Libya preferred shares or unsecured debt in Goldman, according to documents prepared by Goldman for the fund. Each proposal promised a stream of payments that would eventually offset the losses.

Goldman loses 98% of Libya's money in just nine trades?

Goldman just gave Libya it's balance sheet dreck!

Sunday, May 29, 2011

Friday, May 27, 2011

Wall Street's new forex indicator if the dollar will fall

This morning you had news like this:
Oil was higher in Asian trade today as the US currency weakened against the euro, boosting investor appetite for dollar-priced commodities including crude, analysts said.

and this in the WSJ
MUMBAI (Dow Jones)--The Indian rupee rose against the U.S. dollar Friday, mirroring strength in major currencies against the greenback and helped by gains in the local equity market.

Dollar down--wait dollar up!

When the real indicator on the dollar on Wall Street is this:

It's hard for the dollar to fall when everyone's being a tight *ss!

Why Goldman lowered S&P target

Americas-Morning-Summary (1)

Wednesday, May 25, 2011

Tuesday, May 24, 2011

David Rosenberg, of the bear's asylum, speaks on CNBC

And it appears he has taken some therapy.


He now says S&P could go to 1200.

Remember when he said ....

S&P 500?
S&P 800?
S&P 900?

I guess the wheels fell off of that prediction.

Or on February 18, 2010 when he said that a "test of S&P 912  was inevitable?"

Now S&P 1200 'is a good entry point!


So here's what that means.

You don't even see S&P 1300!!!

So why the walk through the sanitarium?

Because if you walk down the hallway....

You see the bears "three legged stool."


Wednesday, April 22, 2009


The legs are following off the bear's stool

It's now patently obvious that Monday's downdraft was an orchestrated move by the bears to crack the market.

And it's now patently obvious, that we have already had the price and time correction in this bull market.

We corrected 5%; so that was the price correction.

And the time correction was one day.

The fundamentals of the economy are getting better, so we now have had the time correction, even though it was only one day, because the economy is healing that quickly.

And the correction that we had, that was manufactured by the bears, on the heels of the stress test pre-release by a white supremist, means that the desperation of the quants that are short, and those not invested are at a fever pitch---just look at who they had to use!

So the legs of the stool that supported the bears are now broken. And now the bulls will extract every penny from the bears hides who remain short.

After all, it's a milking stool!

The leg of a financial collapse of the financials is gone--do suicides happen at financial tops?

The leg of bearishness from Goldman Sachs is now broken.

The leg of the next depression is now destroyed.

And further down, you have the bears "stool check!"

As Advertised, once again, here, long ago!

Now that Roubini, Rosenberg and Whitney have finally been discredited after being wrong for well over two years!


Wednesday, April 22, 2009

Dandelion tea bags for the bears?


I thought I would help readers with the stage of denial that the bears are currently under, with a simple stool chart, that will go with my piece this morning on the bears stools with the legs falling off!
http://aaronandmoses.blogspot.com/2009/04/legs-are-following-off-bears-stool.html

It's even more appropriate today, since a black bear was sighted in Weston, South Florida. Unlike Wall Street, they couldn't find the bear. But he left tracks!
http://www.miamiherald.com/news/broward/breaking-news/story/1011851.html

And like the Wall Street bears, their stool is quite similiar. It's full of nuts, and hard to pass. And as you can see from the chart above, the bears, in their public proclamations are still at Type 1; the stage of constipation! They're still full of themselves!

However, a "channel check" of the toilets around Wall Street, shows a markedly different chart pattern.

Behind closed doors, the bowls are splattered.

That would indicate that the bears, are really sh*tting their pants, while spraying the bowl.

While seated!

And that would make some sense. After all, at stage 6, stool is characterized by "fluffy" pieces. Isn't that the latest research from the bears?

Look at Nouriel Roubini's writings. How well was his latest work held together?

Roubini thought he was clever, intoning, while the world sees "green shoots" he sees "yellow weeds!"

How appropriate. The most common yellow weed is a dandelion, the traditional medication for constipation!

Instead of throwing tea bags over the White House fence, maybe somebody better send some dandelion tea bags to Wall Street!

Let's have a Wall Street tea party with David Rosenberg, Meredith Whitney and Nouriel Roubini as the invited guests!

Served on fine China

Monday, May 23, 2011

Goldman's Morning

Goldman earnings forecast:
2011-12 top down
$96 and $106

2011-2012 bottom up
$99 and $113

And today they finally decided to take their sell off (initiated on 10/1/10--Goldman's numerologists must of  missed the numbers on the Secret models) on Victoria's Secret and move to neutral since Limited Brands has moved 48% in their face! It's now "too sexy" to sell! Heck of a call! Hah!
GS 1 (4)

The damage from the tornado that ripped through Joplin, Missouri



The parking lot of St. John's Hospital in Joplin

The parking lot of St. John's Hospital in Joplin
Image: AP

A destroyed helicopter lies on its side at the Joplin Regional Medical Center

A destroyed helicopter lies on its side at the Joplin Regional Medical Center
Image: AP

Emergency personnel walk through a neighborhood near the hospital

Emergency personnel walk through a neighborhood near the hospital
Image: AP

A man walks past destroyed vehicles at the Joplin Regional Medical Center

A man walks past destroyed vehicles at the Joplin Regional Medical Center
Image: AP

Emergency workers waiting on a medical team

Emergency workers waiting on a medical team
Image: AP

Volunteer firefighters look through home wreckage where it was believed a pregnant woman was trapped

Volunteer firefighters look through home wreckage where it was believed a pregnant woman was trapped
Image: AP

Residents help a woman who hid in her basement during the tornado

Residents help a woman who hid in her basement during the tornado
Image: AP

An emergency workers searches the wreckage of the Joplin Walmart

An emergency workers searches the wreckage of the Joplin Walmart
Image: AP

Hospital workers walk from the wreckage of the Joplin Regional Medical Center

Hospital workers walk from the wreckage of the Joplin Regional Medical Center
Image: AP

Residents of Joplin on 26th St. near Maiden Lane

Residents of Joplin on 26th St. near Maiden Lane
Image: AP

Residents begin digging through the rubble of their home after the tornado

Residents begin digging through the rubble of their home after the tornado
Image: AP

Emergency workers waiting for a medical team after finding a body in a tornado damaged car

Emergency workers waiting for a medical team after finding a body in a tornado damaged car
Image: AP

A man carries a young boy who was rescued after being trapped in his home

A man carries a young boy who was rescued after being trapped in his home
Image: AP

Volunteer firefighters from Oklahoma survey the wreckage of homes in Joplin

Volunteer firefighters from Oklahoma survey the wreckage of homes in Joplin
Image: AP
"It's like Armageddon."

Destroyed vehicles piled on top of each other at Joplin Regional Medical Center

Destroyed vehicles piled on top of each other at Joplin Regional Medical Center
Image: AP

A body is seen in the car as emergency teams wait for a medical crew

A body is seen in the car as emergency teams wait for a medical crew
Image: AP

Workers wait for a medical team after finding a body in a tornado ravaged car

Workers wait for a medical team after finding a body in a tornado ravaged car
Image: AP

Joplin residents survey the damage in their neighborhood

Joplin residents survey the damage in their neighborhood
Image: AP

The lingering clouds from the storm that caused the tornado

The lingering clouds from the storm that caused the tornado
Image: AP


Sunday, May 22, 2011

The OMG "pair trade!"


Check out these stoned dudes that almost get eaten by a shark!

Teenager wants a refund from her prom dress to pay for boyfriend's funeral

And Diane & Co. says no!

A New Jersey dress shop best known for its role on an Oxygen channel reality show is under fire after refusing to refund a high school sophomore after her boyfriend was killed in a car accident weeks before prom.

16-year-old Jackie Genovese told Fox News that after her boyfriend of two years, James, was killed coming home from a baseball team dinner, she tried to return her prom dress to Freehold's Diane and Co., which is featured on Oxygen's "Dress Coutoure".



"I just wanted the dress out of my house, I couldn't see it, I would just hysterically cry all the time," she said. "I just wanted to give the money to his family because they deserved it because they mean so much to me."



But the store refused to refund the $1200 dress and would only give her a store credit – even after her mom went in to speak to the owner.

In response, a mother of one of Jackie's friends set up a Facebook page boycotting the popular dress store – which now has more than 9,700 fans.

"Wonder if they ever heard the saying 'there is an exception to every rule.' This should have been the exception! One of the most exciting times in a girl's life is going to the senior prom with the guys she loves. Something very horrible happened, it's not that she just didn't want the dress anymore. Her heart's been broken and I am sad for her that she has to go through this now," one member of the page wrote.
-------------------------------------------------------------

What the heck is wrong with the owners of that store, anyway?

I'll buy the dress for $1,200--sell it to me--and tell the store to go and screw themselves, and let the people of Jersey shop somewhere else!

Saturday, May 21, 2011

China--the country that brought you poisoned toothpaste, tainted milk, lead toys, and poisonous drywall, is supplying the crispiness of Chicken McNuggets



The chicken is from Brazil, the bread crumbs from the United Kingdom and the wheat imported from Canada, Australia, Pakistan and Paraguay. The vegetable fat is processed in the UAE, but made from canola seeds imported from Canada.

Spain supplies the emulsifiers, Germany the salt and stabilisers, while the dextrin, which enhances crispness, is Chinese. The spices are from India, of course, as are the flavour enhancer and textured vegetable protein.

Would anyone from McDonald's trust the Chinese to supply the meat for Chicken McNuggets?

So why then, do the Chinese provide the crispiness of the Chicken McNugget?

The Armageddon prediction on Wall Street, was as good as the Rapture prediction by Harold Camping

So Meredith Whitney finally has some company!!

But for those calculating Armageddon---I've helped you out


At least Armageddon isn't going to happen anytime soon. For those not versed in eschatology, that is the Battle at the End of the World, which follows the 7 year Great Tribulation.

The moon has to turn blood red which means you need a total lunar eclispe. "The sun shall be turned into darkness, and the moon into blood, before the great and terrible day of the LORD shall come." Joel 2:31, and the 3:35 minute blood red lunar eclipse that happens on April 15, 2014
http://eclipse.gsfc.nasa.gov/LEcat/LEdecade2011.html

on Passover
http://world.std.com/~reinhold/jewishholidays.txt

is less than 7 years away, so we'll miss Armageddon, since we're not in the 7 year Great Tribulation, and as of yet, we're not fighting over bird sh*t! (Just like in AD 70, when Titus overthrew Jerusalem and men fought over bird poop to eat. The menorah, on the coat of arms from Israel, comes from the Arch of Titus. This time, the fighting over bird poop ushers in the Messianic reign. So we're not at the doorstep of Armageddon!)
http://en.wikipedia.org/wiki/Siege_of_Jerusalem_(70)


And until angelic beings start taking wives from earth--and you start seeing movies called "The Return of the Nephilim" you're not even close.

But I covered the rapture nonsense before--so I'll take another "As Advertised" for that.


Sunday, March 15, 2009

End time preachers get an audience


Look at this headline in the St. Petersburg paper.

Is Rapture Near?
More end of the world predictions! There was a big end-times conference in St. Pete where prophets with clay feet and a profit motive, were telling listeners that the "rapture" may be near, and hawking their merchandise. The rapture, is where the believers in God get snatched off the earth, before he deals with the "heathen" and the arrival of the the Great Tribulation and the Anti-Christ.
http://www.tampabay.com/news/religion/article983767.ece

If people buy into the story, why won't they check it out? All those worried about apocalyptic prognostications, should then start looking around for the nephilim, and if they start seeing them, then they should start getting worried.

Genesis 6:2 and 4 That the sons of God saw the daughters of men that they were fair; and they took them wives of all which they chose. There were giants in the earth in those days; and also after that, when the sons of God came in unto the daughters of men, and they bare children to them, the same became mighty men which were of old, men of renown.

What are the nephilim? That's when the fallen angels, (the sons of God in English-(the nephilim) bene elohim in Hebrew)http://en.wikipedia.org/wiki/Nephilim) saw the hot women on earth (saw the daughters of men that were fair) married them (took them wives of all which they chose), had sex with them and had offspring (came in unto the daughters of men and they bare children to them) who were giants (they were giants in those days) and mighty (the same became mighty men of reknown).

Why would that matter? Because we need to look to Noah, to understand the apocalyptic future.

Matthew 24:37 But as were the days of Noah, so shall be the coming the Son of man.

So where are the nephilim? No nephilim, no end times!

And if you buy into the end times, you need to buy into the flood of Noah. Because what happened in the times of Noah, happens in the times of the end. The earth then was destroyed by a flood, because they needed a pure Hebraic bloodline, where the Messiah could come from. The nephilim needed to corrupt it. Their revolution was an eugenics devolution! (The bloodline of the world is Jewish! Deal with it!) They figured they could corrupt the bloodline, prevent the Messiah and thus sentence the inhabitants of earth to hell instead of paradise, so they wouldn't have to spend their time in Tartarushttp://en.wikipedia.org/wiki/Tartarus alone!

Jude 1:6 And the angels which kept not their first estate, but left their own habitation, he hath reserved in everlasting chains under darkness (tartarus) unto the judgment of the great day.

Heck, even the demons have a rooting interest in the stock market heading higher. At the the end of the world, they're banished to their own hell!

And before the end times, you need 144,000 Jews sealed from the bloodline of twelve tribes of Israel, to preach to the world the wiles of the False Prophet and Anti-Christ before the Messiah comes.

Revelation 7:4 And there were sealed 144,000 of all the tribes of the children of Israel.

So to interfere with the bloodline of the tribes of Israel, the fallen angels, start breeding with the "fair" women on earth again, to get their own Damien's to assist them with their plan. (I'm sure there will be a run on veils!)

And like the picture above, I just wanted to give a different perspective.

But who would buy this story in St. Pete? This wouldn't sell books but caves!

So why is Wall Street buying into the end of the world?

Because parts of the country are.

Update on Lieutenant Jarell Wadell

Sir:
If you need a backdrop to the story, here's one for the blog site.

On January 12, 2010 at 1:30 PM CST, 2nd Lt Jarell Waddell, was failed and neglected by the Air Force and the healthcare system in Shreveport, Louisiana. Lt Waddell became very sick while at work and he became much disoriented and couldn’t walk. He was carried out by an individual in his section, and had to be told how to move his feet in order for him to walk. No 911 call was made to get him the professional help that he desperately needed. Instead of the emergency call, the senior airman was commanded to take Waddell to two hospitals: Willis-Knighton and QuickCare. They both arrived at the first hospital, Willis-Knighton, and sat in the ER waiting area. After waiting, Lt Waddell’s vitals were checked and it was noted (but ignored) that his heart rate and blood pressure were both elevated. He explained to the staff that he was disoriented and that he had excruciating pain in his legs. The staff person that was tending to him explained to both he and the senior airman that it would be a 5-hour wait before he could be seen. Lt Waddell told them he needed to see a doctor now because of how painful his condition was and how it was worsening by the second. They suggested that he drink fluids, but they never checked his legs for the reason the pain and disorientation was occurring, and they said that he was probably dehydrated. He explained to the staff person that it wasn’t dehydration and that he needed to see a doctor. The staff then explained to him if he wanted to be seen any faster, that he should go home and call 911 and request an ambulance as that would speed up the process of being seen.

Still in horrible pain, Lt Waddell was walked back to the senior airman's car and taken to the second hospital, QuickCare. At this hospital, the senior airman walked him in and they both sat and waited in the emergency room waiting area. After another wait, there was a staff person who came and took Lt Waddell’s vitals; again, his blood pressure and heart rate were both high. No other tests (urine samples, blood work, etc.) were taken at this facility either. He explained to the staff person that his legs were in even worse pain from earlier and that the disorientation was more frequent and alarming. The staff person explained that it would be a 4 to 5 hour wait and that there were no beds available at the moment. Lt Waddell and the senior airman explained that that he needed to see a doctor right away and that he could no longer wait. The staff person then explained to Lt Jarell, that if he wanted to be seen any quicker that he should go home, and call an ambulance, and then he would get seen by a doctor faster. After waiting for a while, and not being seen, Lt Waddell and the senior airman no choice but to leave the facility and start for Lt Waddell’s apartment. The senior airman walked Lt Waddell back to the car and drove him to the apartment that evening. Upon arrival, Lt Waddell was walking like he was on barbwire-laced stilts, and being that he stayed on the second floor; this made it more difficult forthe airman to assist Lt Waddell in walking and a more painful time for Waddell to move. He was brought into his apartment and sat on the couch. The airman left and this left Lt Waddell to fend for himself with the pain and disorientation.

Lt Waddell managed to make a 911 emergency call. When the call was made, Waddell explained to the dispatcher that his legs were extremely cramping and hurting; in a pain to the feeling of dying and that he was in and out of consciousness (which was his disorientation getting worse). She then explained to him that he could not be transported to a hospital just for leg cramps. He began to beg and somewhat cry to her to please send someone. She then took his address and contacted an EMS unit in the area. Around 7:30, the EMS unit arrived to Lt Waddell’s apartment, found sitting on his couch, grabbing his legs, and rocking back and forth in pain. They took his vitals then asked things like his age, rank, and what was wrong. He explained to them that he was not able to walk due to the excruciating leg pain &disorientation that he himself endured all day, and needed to be transported to the hospital immediately. He also explained that he had been to two hospitals and the hospital staff told him that the wait would be long and that he should go home and call for an ambulance. They then explained to him that he couldn’t be transported just for some legs cramps. He then replied that he was extremely disoriented and that he really needed help. The EMS unit staff replied that Lt Waddell was 22, strong, and that he would be ok and they can’t transport him for leg cramps. Waddell then asked helplessly, “So you all are just going to leave me here to die?” The EMS Unit staff told Lt Waddell that he was not going to die and would be ok. They told him that he would be ok, they had other calls to get to, and to call them back if it got any worse. They then left him alone in his apartment.

Lt Waddell didn’t report to PT the next morning, January 13, which starts at 0700. There was a text message sent by his NCO to check on the status of my son that morning, but he received no reply. About 2:30 PM that very same day, the squadron he worked for finally decided to check on my son. Two commanders and a First Sergeant were let in the apartment by the apartment manager and found him in his room: unconscious, bleeding from his eyes and mouth, and quietly gurgling on his own blood. An ambulance was called and when they got to Lt Waddell’s body they performed a field tracheotomy and rushed him to the Louisiana State University Health Sciences Center: there, he was put on life support. Lt Waddell went into renal failure and was diagnosed with rhabdomyolysis which caused compartment syndrome in his legs from the get-go. The LSU doctors said that he would never walk again and be brain dead, even if he made it, because he was down for approximately 16 to 18 hours. A group and section commander also added that even if Waddell came out of his coma that he wouldn’t remember what happened. Lt Waddell remembered the whole situation. Lt Waddell has lost 90% of the muscle in his lower right leg, 60% of the muscle in his lower left leg. He’s had over 15 surgeries and almost a dozen  blood transfusions. He has no feeling in his right foot, and his dorsiflexion (the muscles to pull the foot towards the leg) is gone. He’s also lost feeling in his upper thigh on the right leg and was paralyzed for several months; he was confined to a wheelchair until mid Fall of 2010. He was forced to stay in a civilian state hospital even after his mother requested, once he was stable, that he be sent to Walter Reed Hospital in Washington, D.C., which is a military hospital, and also closer to his family in North Carolina. His mother was denied by a case worker from medical management at the base he was stationed at on the request of going to Walter Reed Hospital around January 20, 2010. Ms. Waddell was told that Walter Reed was saving beds for soldiers coming back from Iraq and Afghanistan, and her son would not be able to go there because it was not a combat related incident.

Ms. Waddell asked could he be flown to UNC-Chapel Hill Hospital and the caseworker told Ms. Waddell that the military won’t fly him to another hospital and to keep him in Louisiana and send him to another civilian hospital, The Promise Hospital in Bossier City/Shreveport, (which is a hospice that caters to the dying) until she could work some things out for him back home in North Carolina. Ms. Waddell began to seek help from my family members back in North Carolina to get in touch with Congressman Mike McIntyre and Senator Kay Hagan to find out why her son couldn’t be transferred to Walter Reed or UNC-Chapel Hill Hospital. It seems only then when she started to take these actions that the case worker and the medical group commander of the base, brought up a new suggestion of sending her son to Wilford Hall Medical Center in San Antonio, Texas. Lt. Waddell did not want to be pushed any further away from his family; he wanted to be closer to his family. The request for Walter Reed, which is closer to our family, was the one of the central reasons they requested to be moved. It appeared as if the Air Force didn’t want him to leave the hospital he was currently in, or for that matter, Louisiana.

This has been a complete nightmare for Ms. Waddell and her son. She's asked the squadron commander several times for an investigation on how this was handled and the beginning and throughout the chain of events leading to the present day; she has yet to receive an answer from anyone. She requested his medical records from his home base on January 29, 2010 and was only given 6 sheets of medical paperwork which didn’t even have information of current physicals or other current medical information in the paperwork. Another thing to note is that when she did get the medical records they were already pulled for me by the family liaison officer that was assigned to them. She questioned why this was allowed and why did it happen, being that the family liason officer doesn’t have consent and is not authorized to obtain her son’s medical records; she was never given an explanation. This whole thing is a neglectful act is being treated as a cover up or pushed aside as if it never happened.

Lt Waddell didn’t do this to himself or ask to be treated in this manner, which has been nothing short deplorable as United States Air Force Officer. His base and squadron leadership has to be held accountable for him and the treatment he received throughout this whole ordeal since January 12, 2010. They failed him due to the neglectful actions and poor decision-making. The healthcare system failed him, including the fact that they didn’t give him a correct prognosis and diagnosis. Above all, the Air Force failed him; they allowed and facilitated all of this to happen. He worked so hard graduating from college and commissioning via AFROTC. Lt Waddell always wanted to serve his country in the Air Force, even as a child. With all that has been said and explained, the hope is that this does not happen to any other airman or soldier that may come into the military, healthy and eager to serve their country, only when they are down, sick, or injured they then are treated like a 3rd class citizen.

President Barack Obama, Congressman Mike McIntyre, Senator Kay Hagan, Senator David Vitter, and Congressman John Fleming, have been contacted and invited to visit Lt Waddell at Walter Reed Army Medical Center. This incident signifies that healthcare reform is needed more than ever. This would make sure that competent doctors, medical staff, EMS, and all healthcare givers are able to give proper treatment to patients, regardless of their age, whether or not they look sick, or if they have to claim a condition they don’t have to be transported and treated at a healthcare facility. Lt Waddell's past condition is still being considered a mystery (with no diagnosis) but a miracle, because of what he’s been through and still has to endure.


Here are some final points to think about and remember:

1) LT Waddell got sick at WORK and disoriented and couldn’t walk.
2) NO 911 call was made for him at work (he requested this) and
instead he had to be carried out by others.
3) They by passed the clinic on base, which was not in the consent of
LT Waddell (it might’ve help but didn’t happen.
4) He was taken to the Willis-Knghton ER the QuickCare ER.
5) He was told at the clinic it would be a 5 hr wait until he can be seen.
6) Told by Healthcare Professionals to go home and call 911 and he
would get in quicker
7) The EMS arrived and told LT Waddell they could not transport him with just
leg cramps and to call them back if it gets worse.
8) LT Waddell begged them to take him to the hospital but they wouldn’t.

Today, LT Waddell is walking and is recovering at a constant rate at Walter Reed Army medical Center. He now walks, drives, and enjoys life again. He cannot run yet, but has loss nerve sensory mostly in his right leg and much of his left leg. There were some life adjustments but he moves and lives as if nothing ever slowed him down or held him back, which is a blessing from God. Looking at him today, minus his long leg scars, you cannot tell that he endured this tragic tribulation. He frequently visits his hometown of Fayetteville, North Carolina, and still enjoys producing music and DJing, which has been a pasttime of his since the age of 11.

Keep him in your prayers, and keep checking in on his progress....

Respectfully,
Jarred Waddell


Thank you so much for posting this,
Barbara Waddell

Friday, May 20, 2011

Meredith Whitney shrilly recants her prediction of municipal Armageddon

May 20 (Bloomberg) -- It’s no wonder Meredith Whitney wants to distance herself from her prediction of the municipal market’s meltdown.

“I never said that there would be hundreds of billions of defaults. It was never a precise estimate over a specific period of time.” So said Whitney on Bloomberg Radio on Wednesday morning.

This is what she said on an episode of CBS’s “60 Minutes” that aired on Dec. 19, 2010:

“You could see 50 sizeable defaults. Fifty to 100 sizeable defaults. More. This will amount to hundreds of billions of dollars’ worth of defaults.”

As for timing, “It’ll be something to worry about within the next 12 months.”

What this sounds like is Meredith Whitney saying there will be hundreds of billions of dollars’ worth of municipal bond defaults within the next 12 months. That sounds like a precise estimate over a specific period of time. And that’s how it has been reported and dissected in the press since then, with not a word of protest from Whitney.

Until this week. Whitney told Bloomberg Radio host Tom Keene that she thought “60 Minutes” did a “really good job” on the story. “But the risk is that they take bits and pieces of an hour-and-a-half interview and certain portions are more magnified than others.”

Whitney also later told Keene: “In the cycle of this municipal downturn, I stand by it. But we never had a specific estimate for that. That’s not the nature of our research.”
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So Wall Street's femme fatale new fatal flaw is shrilly lying about her record-----to go with her flawed research!